RaviChandran_Rajkumar

How to Trade Bank Nifty on 18 March 2021 - Expiry Day Setup

NSE:BANKNIFTY   NIFTY BANK
How to Trade Bank Nifty on 18 March 2021

What Chart Says:
Bank Nifty formed a bearish candle on the daily time frame

Behind the scenes:
Advance to decline ratio is around 2:48 in nifty 50
FII have pumped in 2652 Cr & DII has pulled out 562 Cr from the market
European markets are trading in red at the time of review
SGX nifty is currently trading low by 0.38% at the time of review
US Market is also trading down by -1.19% at the time of review
Crude oil is down by -1.3% and at 63.9
Gold is trading flat by -0.10%
US 10Yr bond is showing bullishness making higher highs which is not a good sign for equity markets
Dollor index is currently trading higher high
Fed meeting output is yet to be released at the time of review

What to expect:
Currently the global markets looks week and being expiry you can expect possible move on both side. Key thing is watch out is sell on rise. If the markets shows gap up look for possible resistance confirmation and go short.

How to trade today:

Possible setups:
1. GAP UP OPENING - First possible resistance is at 34340 and if it is taken out and if it acts as support then we can expect 34598 / 34905 & above levels to be tested.
2. GAP DOWN OPENING - First possible resistance is around 33883. Any of these levels acting as a strong resistance can go short with possible lower targets of 33583/33089.
3. Flat OPENING - 34126 is the key level to watch out on flat open any support & resistance at this level we can take positions in the direction of the trend and sit for targets as marked.

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